Top 10 Finance Tips
Residential and commercial Interest rates are at their most competitive in Australia. Yet despite their competitiveness Australian debt has been ranked amongst the highest in the world with 15.1% of average income spent on debt according to BIS. This ranks us higher than both the US and the UK.
Debt service ratio or household debt to income is increasing. Most banks conduct Stress testing of their residential home loan books where they will test loans for an increase in interest rates or changes to economic factors to ascertain how this will impact the customer base. Whilst debt service ratios are increasing and it is not ideal, there are some things that you can do that will help you in the longer term in preparation for when conditions change.
Our Top 10 Finance Tips
- Have financial goals
- Develop a budget
- Improve your household cash flow
- Learn more about finance
- Have a savings plan
- Necessity vs Luxury
- Protect yourself
- Bank Better
Call Juro Financial Services, your local Mortgage Broker Melbourne now for a confidential consultation today on 0432391504
We can assist you with residential home loans and investment home loans to buy property or refinance home loans to assist with debt consolidation and interest rate reductions.